Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Accelrys (NASDAQ:ACCL) are down by over 20% today after the company took a big, ugly swing and a miss on its first-quarter earnings and upcoming guidance.

So what: Accelrys reported $43.9 million in revenue and $0.06 in earnings per share. Both numbers came in below Wall Street's consensus, which sought $45.1 million on the top line and $0.08 in EPS. Worse, guidance is now weaker than expected, with a revenue range of $176 million to $181 million whiffing badly on the Street's $186.7 million consensus, and an EPS range of $0.32 to $0.34 in EPS also coming in beneath the $0.37 EPS expectation. CEO Scipio Carnecchia mentioned in Accelrys' earnings call that the quarter produced disappointing orders, the shortfall of which forced the company to mute its expectations for the rest of the year.

Now what: Two analysts -- from Sidoti and B. Riley -- have downgraded Accelrys to hold from buy following the weak report, and shares have given up practically an entire year's worth of gains. It's worth noting that 2013's revenue guidance does come in at least 8% above current trailing-12-month results, but that doesn't seem to be enough to justify optimism for a company still unprofitable on a GAAP basis. You might want to add Accelrys to your watchlist, but I don't think it's done sliding yet.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more insight into markets, history, and technology.

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